Current:Home > ScamsNew York selects 3 offshore wind projects as it transitions to renewable energy-LoTradeCoin
New York selects 3 offshore wind projects as it transitions to renewable energy
View Date:2024-12-23 20:03:13
ALBANY, N.Y. (AP) — New York will invest in three offshore wind projects as the state tries to meet its ambitious timetable to transition to renewable energy sources, Gov. Kathy Hochul announced Tuesday.
The Democratic governor announced the conditional awards as high development costs affect other offshore wind projects for New York and around the globe. The state also announced awards to 22 land-based solar, wind and hydro projects. Combined, the projects will generate enough power for 2.6 million homes, with almost two-thirds of it coming from the three offshore wind projects.
“This is an historic investment to demonstrate our full commitment to renewables,” Hochul said at a ceremony announcing the investments.
Offshore wind is a crucial component of New York’s plan to transition to a carbon-free electricity system by 2040. State law sets goals for 70% of New York’s electricity to come from renewable sources by 2030, and 9,000 megawatts of offshore wind by 2035.
There is currently an offshore wind project under construction off of Long Island.
But offshore wind developers say they’re struggling with higher-than-expected prices for material such as steel, as well as increased borrowing costs and supply chain issues. That has led to developers working to terminate contracts in other states. New Jersey officials this summer approved a tax break to help a wind developer.
Hochul and the Democratic governors of five other northeastern states recently wrote a letter to the Biden administration calling for more federal funds for offshore wind projects, warning that a cornerstone of the fight against climate change could be in jeopardy.
Earlier this month, New York power regulators rejected requests for additional funding for four offshore projects that are to provide the state with 4,230 megawatts of power. Those developers said they would assess the viability of their projects in light of the regulators’ decision.
Now, the New York State Energy Research and Development Authority will negotiate final contracts with three offshore wind projects totaling 4,032 megawatts: Attentive Energy One, Community Offshore Wind and Excelsior Wind.
The projects are expected to be operating by 2030.
Though offshore wind development costs have gone up, state energy officials said the three projects will still benefit consumers. The average bill increase for customers will be about $2.93 per month, according to the state.
The land-based renewable awards went to 14 new solar projects, six wind re-powering projects, one new wind project, and one hydroelectric project being returned to service.
veryGood! (3)
Related
- Jason Statham Shares Rare Family Photos of Rosie Huntington-Whiteley and Their Kids on Vacation
- 'Doing what she loved': Skydive pilot killed in plane crash near Niagara Falls
- Horoscopes Today, July 21, 2024
- US Olympic Committee sues Logan Paul's Prime energy drink over copyright violation claims
- A crowd of strangers brought 613 cakes and then set out to eat them
- Nordstrom Anniversary Sale 2024: The Best Deals on Accessories From Celine, Dagne Dover, Coach & More
- Cyber security startup Wiz reportedly rejects $23 billion acquisition proposal from Google
- Andy Murray Announces He’s Retiring From Tennis After 2024 Olympics
- Trump breaks GOP losing streak in nation’s largest majority-Arab city with a pivotal final week
- TNT sports announces it will match part of new NBA rights deal, keep league on channel
Ranking
- Pitchfork Music Festival to find new home after ending 19-year run in Chicago
- Love Island USA’s Kordell and Serena React to His Brother Odell Beckham Jr. “Geeking” Over Their Romance
- Kandi Burruss’ Must-Haves for Busy People Include These Hand Soap Sheets You Won’t Leave Home Without
- Why Hailey Bieber Chose to Keep Her Pregnancy Private for First 6 Months
- Judge sets date for 9/11 defendants to enter pleas, deepening battle over court’s independence
- FBI says man, woman may be linked to six human-caused wildfires in southern New Mexico
- Kamala Harris' campaign says it raised more than $100 million after launch
- Foreign leaders react to Biden's decision not to seek reelection
Recommendation
-
Who will be in the top 12? Our College Football Playoff ranking projection
-
With US vehicle prices averaging near $50K, General Motors sees 2nd-quarter profits rise 15%
-
Woman gets probation for calling in hoax bomb threat at Boston Children’s Hospital
-
Watchdog who criticized NYPD’s handling of officer discipline resigns
-
John Krasinski named People magazine’s 2024 Sexiest Man Alive
-
Missing Arizona woman and her alleged stalker found dead in car: 'He scared her'
-
For Appalachian Artists, the Landscape Is Much More Than the Sum of Its Natural Resources
-
In Washington state, Inslee’s final months aimed at staving off repeal of landmark climate law